Employee Termination Management – “Begin with the end in mind” (Franklin Covey)
Turnover Trends: For most companies, retention is now a major concern, which was not the case after the recession. It’s become much easier for people to find new jobs these days; job shortages have vanished.
Whether your organization has low voluntary turnover, high voluntary turnover, low involuntary turnover, high involuntary turnover or some combination of the above, turnover statistics tell a story about your company processes, procedures, leadership and culture.
The Cost of Losing Employees: According to the Society of Human Resource Management, the cost of replacing an employee is somewhere between 90 percent and 200 percent of their annual salary - The true cost of losing an employee is more expensive than organizations realize.
The costs are often hidden, delayed or difficult to attribute – Determine the cost by using this formula for measuring employee turnover:
The costs of turnover also include:
• Lower Organizational: morale, engagement and performance
• Higher training Costs (new employees)
• Loss of historical knowledge
All create the need for constant recruitment due to high turnover and a cycle of hiring instead of engaging and encouraging high performers.
We help manage employee dismissals across all industries and employee types. We’ll make sure you have all the necessary documents and are compliant with HR regulations, so you don’t make mistakes that result in expensive lawsuits. (we’ll make sure to find the best solution to protect your business)